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Commodity Gains May provide Further Respite For Struggling BRL

BRAZIL
  • During the latter part of Thursday trade, the Brazilian real staged a firm recovery amid the rally in global equity benchmarks. Greenback weakness overnight should continue to weigh on USDBRL at the open.
    • Gains in commodity prices are an additional tailwind amid promises of further China stimulus and point toward a consolidation of the sharp bounce in USDBRL this week.
  • Brazil’s unemployment rate probably rose in March to 11.4% from 11.2% a month earlier, according to economists surveyed by Bloomberg. National statistics agency releases data at 1300BST/0800ET.
  • Additional data includes:
    • 1330BST/0830ET: Feb. Foreign Direct Investment, est. $10b, prior $4.71b
    • 1330BST/0830ET: Feb. Current Account Balance, est. -$1.43b, prior -$8.15b
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